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More than 100,000 people have become property millionaires since the year 2000, new figures reveal. Santander Mortgages research shows that there are a total of 131,996 residential homes worth over £1 million in Britain, almost a five-fold increase on the 26,776 that existed in the year 2000. Around 78 per cent (103,168) of these million pound homes are in Greater London, with the capital’s SW post code claiming nearly three in ten (29 per cent) of the nation’s millionaire properties. Properties in London’s SE postcode area have shown a staggering 23-fold increase in its number of property millionaires in the past decade. Millionaire postcodes in the Home Counties include towns such as Guildford, Kingston upon Thames and Hemel Hempstead, while Edinburgh is the first non-South East area in the league, coming in at 11th place with 1,665 million-pound-plus dwellings.
Warrington is in 20th place in the table, with 1,066 property millionaires, and Bournemouth is 22nd with 870.
“It's amazing how fast million-pound-plus property prices have recovered since the dark days of mid-2008 when the market experienced significant price reductions,” says Nigel Lewis, Property Analyst at PrimeLocation.com. “Our research shows that the number of million pound homes for sale has risen considerably over the past year and the number of people looking to buy them has also jumped by 20% - so it's no wonder that the prime property market is recovering so fast.” Research from Aviva recently claimed that 76 per cent of parents believe that it is just too risky to fund a retirement on property alone, and they are urging their children to save money in pensions.
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